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Explain the Truthfulness of the Following Statements

Question 27

Multiple Choice

Explain the truthfulness of the following statements
I. A characteristic of a perfectly competitive market is that products are undifferentiated. That is, consumers perceive products to be identical.
II. Equal access to resources is a condition in which all firms, including prospective entrants, have access to the same technology and inputs.


A) Both I and II are true
B) Both I and II are false
C) I is true; II is false.
D) I is false; II is true.

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